Residential Recovery Agreement: Fill & Download for Free

I lent in both platforms. NEVER EVER lend in Lendbox. It is suicidal investing lendbox. Lendbox model is dangerous to lenders and very very lucrative and conducive for defaulting/cheater borrowers. I lost lot of money @Lendbox. Here is how!What lendbox do: Lendbox connects lenders and borrowers online. That is the one and only thing it would do. Lendbox is strictly not responsible for any defaults made by borrowers. But if you remove the veil there is a business, Conflict of interest between a lender and a P2P company.What lend box claim: It filters the borrowers on various parameters, Uses IT, Software to weed out bad borrowers etcetera and etcetera. But Each time a borrower is joined in its platform, Lendbox get a commission and registration fee. If Lendbox allows a bad borrower, Lendbox won’t lose anything. It will get its registration fee. So lendbox will be generous in on boarding any damn idiot unscrupulous immoral or a willful defaulter. It can always take a defense say its computer program gave the rating as per the parameters, only the lendbox wise men know about.How Lender looses: Lender will be having a mindset that Lendbox checks, takes care of contingencies it all. And the high interest rate seen on paper projected will blind the lender. Even If we caution the new lender will think that the losses will be for somebody and never to him. A smoker thinks he will not effected by cancer only others will. The mindset of men.What Borrowers do: Many borrowers pay the fees to Lendbox, Complete registration process, take the loan, change their residential address, close their bank account, Stop the payment stop answering the calls. Throw away the SIM. Even advise their other friends how easy to cheat P2P platforms. It is contagious.What Lendbox has to and Not doing: When and where there is a defaulting borrower, Lendbox then has to focus on recovery and chasing the borrowers. A post dated cheques and strong NI act should deter a borrower. Lendbox should be having a strong legal team and recovery teams all over India. For this part Lendbox has to invest money. Irony is that the recovery will fetch the lenders not Lendbox. So lendbox half heartedly will hire the recovery agency sitting in its cozy Delhi office. It may not hire the best recovery agency and sometimes for prolonged periods, even without a recovery agency at all. Because it is cost to company, Will not pay any short term benefits. Instead of this exercise it focuses on revenue, more borrowers and more lenders, that fetches them registration fees. I talked to a borrower he says lendbox charges 5000 Rs per lakh. Meanwhile frustrated lender calls customer support, There won’t be anybody to answer. Existing lenders are like dead weight, an used condom. They will give one standard answer, Borrower phone is not reachable. So at the beginning of the transaction Lendbox gets all benefits of the whole transaction. After the agreement It will not spend its time and energy and resources on past transactions. So it even will not even respond to a lender thru mail. No regulation and rules regarding communications. Lender is a cow who has been extracted all milk and no more care and respect.At the End: Lender with a defaulting rate 30 % and a ticket size of 10000 Rs, Cannot go to Court as the cost benefit analysis deter from doing so.(Legal services are costly, chaar anna murgi, baara anna masala.) The helpless lender will cry and write blogs like me. New borrowers will join Lendbox for a lucrative interest rate, will lend in lendbox. Borrowers cheat, Lenders loose, and cry and write blogs. And as always Lendbox becomes FAT. This is a cycle none can break in near future. If you can learn from others experience then you are wise, else you are otherwise.P.S. If one Lenders rethinks before investing in Lendbox, I feel the purpose is served and worth of my effort.FAIRCENT —- I have good experience. They are professionals, Committed and rational and serious in their business.I2I —- I have good experience. They are professionals, Committed and rational and serious in their business.But, One final suggestion do not Invest in ANY P2P. P2P is a wrong business model. Here only Lender looses.

Do you have a written mortgage agreement. If yes than first you should apply for a lien on the property by registering the mortgage deed with the REGISTRAR. Then hire a competent lawyer and initiate legal action for recovery of your loan. A lot is dependendant on the terms of the mirtgage agreement.

In Wisconsin such a provision is illegal and invalidates the rental agreement, except if the tenant wishes to keep those parts that are legal.The law is ATCP 134.08ATCP 134.08 Prohibited rental agreement provisions. No rental agreement may:...ATCP 134.08(3)(3) Require payment, by the tenant, of attorney's fees or costs incurred by the landlord in any legal action or dispute arising under the rental agreement. This does not prevent the recovery of costs or attorney's fees by a landlord or tenant pursuant to a court order under ch. 799 or 814, Stats.Case law is:Baierl d/b/a Supreme Builders v. McTaggart, Wis. Supreme Court, Case #98-3329 (2001). Because a lease contained a provision specifically prohibited by ATCP 134, the landlord could not enforce the lease against the tenant. The court declined to sever the illegal provision and enforce the rest of the lease, because that would undermine the policy behind ATCP 134.Dawson v. Goldammer In Dawson v. Goldammer, 2003 WI App 3 (Dawson I), the court of appeals held that a tenant may seek enforcement of a rental agreement that includes an attorney fee provision that violates Wisconsin Administrative Code section ATCP 134.08(3). In the case at bar, the court held that when a tenant seeks enforcement of such a lease, the tenant can sever the attorney fee provision and enforce the remainder of the lease. The court therefore reversed the part of the circuit court's judgment that awarded attorney fees to the landlords, but it affirmed the circuit court's rulings on all other disputed grounds (see ¶ 1).(Note I am not an attorney, but am a 34 year veteran of residential rental management in WI)